HK Stock Market Move | Trip.com's (09961) stock fell nearly 12% after its performance announcement. Nomura indicates that the management's guidance for this year is lower than market expectations.

Trip.com-S (09961) fell nearly 12% after the performance, dropping by 11.76% to 462.8 Hong Kong dollars with a turnover of 39.18 billion Hong Kong dollars at the time of publication. On the news front, Ctrip Group announced its fourth quarter performance for 2024, with a net operating revenue of 12.744 billion yuan, an increase of 23.43% year-on-year. The net profit attributable to Ctrip Group Limited was approximately 2.157 billion yuan, an increase of 66.31% year-on-year. For the full year of 2024, the net operating revenue was 53.294 billion yuan, an increase of 19.73% year-on-year, with a net profit attributable to Ctrip Group Limited of 17.067 billion yuan, up 72.08% year-on-year. Nomura Research report pointed out that Ctrip's guidance for revenue growth in the 2025 fiscal year is expected to increase by 14 to 15% year-on-year, with the median of this range (14.5%) lower than the market consensus forecast of 15.7%. The company also expects a non-GAAP operating gross margin of approximately 28%, lower than the market's earlier expectation of 28.5%. Citigroup stated that the company's gross margin for the previous quarter was 79.3%, slightly lower than their forecast of 80.5%; the non-GAAP operating profit margin was 21.6%, roughly in line with the bank's expectation of 21.5%, but slightly lower than some investors' forecasts.